Running and
Understanding Reports
Running a Report
From the menu bar at the top of the screen you will see REPORTS.
Click once to open the REPORTS MENU. You can open the REPORTS CENTRE
if you like or select an individual report to run. Take some time to
familiarize yourself as this is the greatest tool Quicken provides.
Don’t be afraid to play around in this area and explore the
different reports.
Understanding the Reports
The Reports tool is one of the most valuable tools available in
Quicken. If you have trouble managing finances the first step is
understanding where you are spending your money. We will look at two
of the many reports.
The Spending Report
I always like to start recording transactions from the first day of
a month. The next month I wait to ensure all transactions have been
entered for the previous. Wait till all transactions have cleared
your account or are manually entered in the transaction register. At
this point we are ready to run the SPENDING REPORT from the REPORTS
CENTRE.
After running this you can click on a spending category. This
takes you to a mini-report showing each transaction you have made in
that particular category. It is often surprising to see how fast
items can add up.
Making Decisions About Spending
Now that you have identified where you are spending money you can
begin to make better choices in your spending. Spending $5 dollars a
day at the coffee shop adds up to $150 per month. Buying lunch for
$10 a day adds up to $300 a month. That’s $450 a month you could be
saving or $5400 per year. You can go on a very nice vacation for
that amount.
Seeing where you are spending puts you in better control. Instead
of having that $5 dollar coffee and buying a $10 lunch every day
treat yourself on a special day. Treat yourself to the coffee every
Friday and buy lunch on every payday. Now you are spending $20 a
month instead of $150 on the coffee. Your lunch is $20 per month
instead of $300.
The idea behind the coffee and lunch example is to show that you
can save money in your Discretionary Spending Categories. Running
the Spending Report makes you aware of how much you are spending.
From that you can make a more informed decision next time you are
making a purchase that you may not need.
If you carry a debt load it is also interesting to see how much
you are spending on interest. After making cutbacks on your
Discretionary Spending, use the money you are saving to pay down
your debt sooner. Going into debt is selling your future, giving up
a little novelty now helps you to live free later in your life.
Now is a good time to review the budget you created earlier. Take
the time to re-evaluate the amount you should be spending in each
category. Be honest with yourself in how much you are willing to
give up then cut back on you budget amount for certain categories. I
strongly recommend using these savings to pay off debt sooner, plan
for retirement, and/or put the money away for big purchases.
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Related Articles
Categories & Groups
Scheduled Bills & Deposits
Creating a Budget
Setting Up Online Services
Reports
Quicken Home Inventory
Backing Up Your Data
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Additional Article Information
This Article was written by
Christopher Skjonsby
This article was posted
October 25th 2008.
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Disclaimer
Please note the articles contained herein are examples for one
method for managing your financial situation. If you are in serious
financial trouble theCitySage.com recommends speaking with a debt
counsellor before proceeding.
The purpose of the articles under this category are to help you
the reader become more aware of how and where you are spending your
finances focus on the mandatory expenses and get control of your
discretionary spending. Follow at your own risk.